Evolving Trends in Chandigarh Real Estate

by : George Gonigal

The residential real estate projects that developers launched in Chandigarh outskirts, with a view to leverage the NRI base of the city, are undergoing difficult times. According to real estate brokers, the higher-end projects launched by Parsvnath and DLF did not receive the kind of response they were expecting.

"Take Parsvnath's Pride Asia, for instance. The project has bookings for about 150 apartments against the total capacity of 1,300 units. This means almost 90 per cent of the total number of units is yet to be booked," Ajeet Singh, a senior property consultant informed.

He further informed that property builders, in order to lift investor sentiment have started aggressive media campaigns, which present their properties as hot investment options.

Organised retail takes off

While the residential property sector flounders, the organised retailing sector, at the other end, is picking up well in the city. Sectors 14, 17, 18 and 22 are the areas where most of the retail activities are concentrated in Chandigarh. Sector 18 and 22 are especially meant for hardware goods, apparels, shoes etc. Sector 17 hosts top retailer brands and thus draws a very elite crowd.

However, the concept of retailing is changing here. Advent of organised retailing has changed the real estate profile of Chandigarh. Presently, the city has small-time shopping arcades like V3S mall, Mega mall, City Mart etc. Popular retail house - Ebony - is located in Sector 9. This multi-product store has alliances with Wordsworth, Planet M and Ivory Store to cater to niche requests like books, music cassettes and designer apparels respectively.

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